Walton Corporation began fiscal Year $2$ with the following balances in its inventory accounts.

Raw Materials $ $54,300$

Work in Process $83,900$

Finished Goods $27,100$

During the accounting period, Walton purchased $$238,300$ of raw materials and issued $$248,400$ of materials to the production department. Direct labor costs for the period amounted to $$323,200,$ and manufacturing overhead of $$47,100$ was applied to Work in Process Inventory. Assume that there was no over$-$ or underapplied overhead. Goods costing $$611,500$ to produce were completed and transferred to Finished Goods Inventory. Goods costing $$600,700$ were sold for $$801,500$ during the period. Selling and administrative expenses amounted to $$71,400.$

Required

a$.$ Determine the ending balance of each of the three inventory accounts that would appear on the year$-$end balance sheet.

b$1.$ Prepare a schedule of cost of goods manufactured and sold.

b$2.$ Prepare an income statement.